David Hoffman

But I personally just view that as a floor.

And what that does with the floor is because like the way people value these things is they do an expected value calculation.

So if there's a 50% chance that ETH is going to $2,000 and a 50% chance that it's going to $4,000, then the fair price is $3,000.

So what the intrinsic value floor does is it gives you a very high bear case, which allows you to speculate on the monetary premium more freely.

Whereas Bitcoin doesn't really have this.

And gold is like 10% of the total value.

So you have to really believe in the monetary premium.

but because it's cheaper to speculate on Ethereum's monetary premium, that actually accelerates it because people can bet more freely on like the, uh, like most people that hold it right now are probably only valuing it based on fees, right?

Um,

So if now all of a sudden the monetary premium starts being incorporated into the expected value calculation of the bull price, more and more people will speculate on that.

And like that's how it's kind of worked throughout history is like when people speculate on what's going to be like the new money kind of like all the time or not all the time, but like it accelerates.

there's an advantage to like more of like in the origins of kind of money is like, like beads versus tobacco, right?

Like if you think tobacco is going to be debased and you switch to gold, the earlier you are to that trend, the more purchasing power you'll maintain, right?

And that actually accelerates speculation, accelerates the convergence.

And basically the intrinsic value floor lowers the cost of speculation.

And one more point there on... Because I think it's worth, like, steelmanning the Bitcoin argument of, like, why ETH isn't money and why that's changed, right?

So, like, the core thing that Bitcoiners will argue is that, like, money, if you're storing your entire wealth in it, like an asset like gold, it shouldn't change, right?

So...

So Bitcoiners have always kind of like prioritize near term stability and not changing the protocol for at the expense of long term viability.

And I think Ethereum has done the opposite.